FedEx closes Asia-Pacific hub in Subic Bay Philippines

US delivery giant FedEx closed its Asia-Pacific hub in Subic Bay Friday, marking the end of its 13-year-old operations here.

The courier giant is moving its entire hub operations to Guangzhou in China. The market in China is reportedly bigger than the entire market of Southeast Asia. China also gave FedEx rights to handle its domestic cargo, which is huge.

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More than 700 Filipinos were left jobless and dozens of workers showed up before dawn Friday at the former hub to wave goodbye to one of the last FedEx planes to fly out of Subic.